Tax Administration Act 1994

57B Return requirements for multi-rate PIEs

• (1) This section sets out the return requirements for a multi-rate PIE or a proxy for an investor in the PIE.

  (2) The responsibilities for each period are—

  • (a) to file a return in the prescribed form showing—

    • (i) the amount of the tax liability of the entity for the period; and

    • (ii) further information that the Commissioner considers relevant; and

  • (b) to pay an amount of tax equal to the PIE’s tax liability for the investor for the period.

  (3) If the PIE does not calculate and pay its tax liability using the exit calculation or provisional tax calculation option in section HM 42 or HM 44 of the Income Tax Act 2007 for a tax year, the PIE must carry out their responsibilities for a calculation period in the tax year by the end of the month that follows the month in which the calculation period ends.

  (4) If the PIE calculates and pays its income tax liability using the provisional tax calculation option under section HM 44 of that Act for a tax year, the PIE must carry out their responsibilities for the tax year as a person with a provisional tax liability under the provisional tax rules.

  (5) If the PIE calculates and pays its income tax liability using the exit calculation option under section HM 42 of that Act for a tax year, the PIE must carry out their responsibilities—

  • (a) for an exiting investor whose exit period falls in the tax year, for the exit period by—

    • (i) the end of the month that follows the month in which the exit period ends:

    • (ii) 15 January after the end of the exit period, if the period ends in November; and

  • (b) for an investor who holds an investor interest at the end of the tax year, for the tax year by the end of the month after the end of the tax year.

  (6) If the PIE voluntarily makes a payment of income tax under section HM 45 of that Act for a period in a tax year that is not included in a return required under subsection (5), the PIE must file a return in the prescribed form as described in subsection (2)—

  • (a) the end of the month that follows the month in which the period ends:

  • (b) 15 January after the end of the period, if the period ends in November.

  (7) For a tax year, the PIE must file a return in the prescribed form in relation to information prescribed by the Commissioner—

  • (a) by the 31 May after the end of the tax year if—

    • (i) the PIE has a corresponding income year that does not end after the end of the tax year; and

    • (ii) the PIE is not a superannuation fund or retirement savings scheme; and

    • (iii) the PIE continues to meet the requirements for PIE status at the end of the corresponding income year; or

  • (ab) by the 30 June after the end of the tax year if—

    • (i) the PIE has a corresponding income year that does not end after the end of the tax year; and

    • (ii) the PIE is a superannuation fund or retirement savings scheme; and

    • (iii) the PIE continues to meet the requirements for PIE status at the end of the corresponding income year; or

  • (b) by the end of the second month after that in which the PIE’s corresponding income year ends, if—

    • (i) the PIE has a corresponding income year that ends after the end of the tax year; and

    • (ii) the PIE continues to meet the requirements for PIE status at the end of the corresponding income year; or

  • (c) by the end of the third month after that in which the PIE loses PIE status, if the cessation occurs in the corresponding income year.

  Section 57B: substituted, on 1 April 2010 (applying for 2010–11 and later income years), by section 626(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).

  Section 57B(7)(a): substituted, on 1 April 2011, by section 149 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).

  Section 57B(7)(ab): inserted, on 1 April 2011, by section 149 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130).